-LRB- CNN -RRB- -- Rory McIlroy capped off a remarkable year by being named as the PGA Tour Player of the Year .

The 23-year-old is the youngest player to win the trophy , named after 18-time major winner Jack Nicklaus , since Tiger Woods triumphed back in 1998

McIlroy enjoyed a stellar 2012 , winning four times on the PGA Tour , topping both the PGA and European money lists , as well as helping Europe to a stunning Ryder Cup success against the United States .

McIlroy targeting major assault in 2013

The Northern Irishman claimed victory at The Honda Classic , PGA Championship , Deutsche Bank Championship and BMW Championship , pocketing a cool $ 8,047,952 on the U.S.-based circuit .

McIlroy has been top of the rankings for 17 consecutive weeks and has held top spot for 24 weeks in total .

He becomes the third European to win the award after England 's Luke Donald -LRB- 2011 -RRB- and Ireland 's Padraig Harrington -LRB- 2008 -RRB- .

Rookie of the Year

Meanwhile , John Huh was named as PGA Tour Rookie of the Year .

The 22-year-old was the only rookie to qualify for the Tour Championship and the youngest since Sergio Garcia made it through at the age of 21 in 2001 .

Huh claimed his first win at the Mayakoba Golf Classic in February , finished 29th in the FedEx Cup and 28th on the money list with $ 2,692,113 .

Huh , who was born in New York but currently lives in Dallas , is the first player of Korean descent to win the award .

`` On behalf of the PGA TOUR , my congratulations to Rory and John for their outstanding accomplishments this season , '' said PGA TOUR Commissioner Tim Finchem .

`` These awards are significant to these players as they are bestowed upon them by their peers , one of highest compliments a player can receive . ''

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Rory McIlroy named 2012 PGA Tour Player of the Year

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The 23-year-old is youngest to win award since Tiger Woods in 1998

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Becomes third European to win title after Luke Donald and Padraig Harrington

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McIlroy won four times on PGA Tour in 2012